Bitcoin (BTC)Crypto News

Bitcoin to Crossover $21,000 – Get Ready to Buy

Bitcoin is trading above the $20,500 level against the US Dollar. If there is a clear move well above the $21,250 resistance zone, BTC could see a rally. Bitcoin still has good support above $20,000 and $20,500. The price is now up above the USD 20,500 level and the 100 hourly simple moving average.

There was a break above a massive bearish trend line with a Resistance near $20,450. It could gain bullish momentum if the pair breaks the $21,250 and $21,650 resistance levels.

Bitcoin price may increase

Bitcoin has started a downside correction below the $20,500 level. There was also a dip below $20,000 but the price held steady at $19,750.

BTC/USD

A low was formed at $19,750 and the price reinstated. BTC broke the $20,000 and $20,500 resistance levels. Additionally, there was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC/USD pair.

The pair moved above the 50% Fib retracement level of the decline from the $21,698 swing high to the $19,750 low. Bitcoin is trading above the $20,500 level and above the 100 hourly simple moving average.

On the upside, immediate resistance is near $21,250. It is approaching the 76.4 percent Fib retracement level of the pullback from the swing high of $21,698 to the low of $19,750. The next significant resistance is near the $21,650 level. A clear move above $21,650 could trigger a decent rally.

The next major resistance is near the $22,200 level, above which the bulls might gain strength in preparation for a move towards the $23,000 resistance zone.

Bitcoin price drop?

If bitcoin fails to break the $21,250 resistance level, it could fall further. On the downside, immediate support is near $20,600 and the 100 hourly SMA.

The first significant support is around the $20,000 level. The main support is now around $19,750. A break below the $19,750 support level could put a lot of pressure on the bulls in the near-term. In the above scenario, the price could drop to $18,500.

Source: Crypto News Deutsch

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